According to Odaily, Bitcoin's price recently surged to $94,700, driven by expectations of easing U.S.-China tariffs. This rise briefly surpassed the critical short-term holder cost basis of $92,900, a level often seen as a turning point from a bear to a bull market. The report highlights that the short-term holder profit/loss ratio has returned to 1.0, indicating that recent buyers are generally at a breakeven point, posing a risk of profit-taking.
Currently, 87.3% of Bitcoin's supply is in a profitable state, up from 82.7% the last time prices were at similar levels, suggesting that approximately 5% of the supply has changed hands at lower prices recently. Additionally, on April 22, the U.S. Bitcoin spot ETF saw a record net inflow of $1.54 billion, reflecting strong institutional demand. Despite this, the futures market funding rate has turned negative, indicating a rise in short interest and a cautious market sentiment.
